The Division of Labor Benefits Society Only If

question 241

Multiple Choice

The division of labor benefits society only if

• A)a system of exchange exists.
• B)society uses all of its resources efficiently.
• C)society has no specialized resources.
• D)labor resources are not scarce.

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Definitions:

Materials Quantity Variance

An analysis used to assess the discrepancy between the expected amount of materials and the actual amount used, based on standard costs, providing insight into manufacturing efficiency.

Quantity Standard

The expected or established amount of materials, labor, or overhead that should be used for a unit of production or a specific task.

Price Standard

A predetermined cost that should ideally apply to a product or service based on expected efficiency and expense.

Raw Materials Quantity Variance

The difference between the actual quantity of raw materials used in production and the expected quantity, which can indicate efficiency or waste.